Why?

Why is it that when I go to a casino and observe any roullette wheel, I always see big stacks of chips on red/black or odd/even and then just single or a few chips on individual numbers? Don't these people know that they'll win bigger if they put their chips on the numbers that pay 35-1 instead of 1-1?

Same reason that people play the Lotto every week. People don't understand math.

I dunno, I only play the 25 cent or less slot machines and always bet the max. I usually lose though.
Cripple creek is a fun town to visit.

Isn't it because some people are willing to take more risk for more reward while others are more prone to play it safe and except a smaller reward if they win?

Not that I play roulette, but I think people like to put a big bet on the 1-1 bets and win about half the time. They play a smaller amount on the 35-1 and hope for the big payoff. Regardless of which bet you make, though, in the long run the house advantage is about 5% so you lose 5 cents for each dollar bet.

Craps is similar in that the pass line bet (about a 1.4% percent house advantage) is usually bigger than the big odds bets where you might just toss out a single chip.

47% chance of success versus about 2.5% would be my offering. Same reason people choose to invest in treasury notes instead of start-ups. Lower risk of loss accompanies the lower return on the risk taken versus high risk of loss requiring a higher reward for taking the risk. One initially build up their reserves by taking low risks and low returns, using the proceeds to take higher risks to achieve higher returns while protecting themselves from the risk of losing most of what they originally brought to the table.

If you took 18 chips and covered all the reds, or all the evens, one number at a time you are taking the same risk of losing all 18 chips that you would be if you put 18 chips on red or on even, all while knowing that when the ball happens to land in one of the numbers you have covered your return will be one chip less than it would have been if you had done it the other way.

"No one can possibly win at roulette unless he steals money from the table while the croupier isn't looking." — Albert Einstein

One final bit of interesting trivia regarding the roulette table - the sum of all the numbers is 666. :VeryScared:

So in either case, the house always has the advantage, but the house doesn't always win. And in the case of both gamblers, one is less likely to win but if he does, he wins big... where as the safe better is more likely to win, but has to accept a lower payout.

I brought this subject up because I'm getting to the point healthwise where I can finally get back to work and the question is, what will I do to make an income. Do I risk selling off some assets to start a business again, or do I work for someone else who has already taken that risk?

If I start a business, the risk is huge. This will be my second business so there is no learning curve and I will benefit from avoiding past mistakes and can capitalize on the secrets I've learned over the years. I will also not be constrained by an employer who will start me off at the bottom and not pay me what I feel is enough (how many of you think you get paid enough?) So basically, I'm betting that my efforts will pay off more if I go it alone than if I was to find a job working for someone else. Risk/reward... just like roullete. The difference being that there is more than just luck involved... in fact, without a proper skillset and experience, this choice would be much easier, especially during a down economy. But I know I'll also be happier if I make my own rules and my own hours.

So that's the plus side. On the negative side I have to be ready to accept the risks that can crush my business and whipe out the capital I've invested. I have to factor in my competition which is always pretty fierce, but especially during a weak economy when price wars are more common and customers are more demanding. Loans for expansion are difficult and will be nearly impossible for me, so i have to start small and be careful about how much I put back into the business. I can't afford to buy another building, so I'll have to lease... there are risks there too depending own who the landlord is and how long I'll be able to stay in a location thats working well. Then I have the risk of hiring people I don't know or trust and must hope that their resume reflects what they can actually do for my business. And then the ultimate risk is the economy itself... being in the automotive repair business is usually pretty steady once you get a client base because cars always break. But, people also tend to put repairs off when times are tough and a fresh business has much more risk of not outlasting a reccession.

So I could go with less risk and bet on red and there is a guaranteed check unless I got fired or quit... or I roll the dice and depend on my skills and experience, the market, the location, risk my capital, and hope the economy or some new government regulation doesn't take me down faster.

So if you ever see a rich guy who makes 10x or more what his employees make, just remember he played the numbers instead of playing the even money... he deserves the big payoff. As for me, I still don't know what to do... just wish I knew where the economy was headed because it would be a much easier decision.

Roulette is a House game, odds favor the house. Craps is a better choice you can win even on a losing roll. Slots are another house favored game unless you play video poker, but then you need to know your cards, LOL.
Black Jack and Poker are more likely to win you $$$ as the house has no advantage.
I do usually win enough at the craps table to pay for the entire trip and still have $$ left when we go to Vegas.